House prices down to at least 115K... Thans FSA! 3X here we come!

lostinrates

bendix wrote: »

And the award for Most Futile Thread of the Year goes to . . . . .

Seriously, as someone else said . ..a column filler article, and it's already been accepted as gospel. It is utter nonsense.

Take a look at yourselves, why don't you?

TBH I don't think anyone has taken it as 'gospel'. Its debated ad nauseam here and its another oppertunity to do that. As kinda makes sense on a forum like this

StevieJ

zappahey wrote: »

Why do you assume that it would be the female's salary that wouldn't count?

Same Visa Versa I am just being sexist.

b0rker

As for being like the average family. No, your not. Most people have to use some form of transport other than a bike. Most have at least some other commitments. And the council tax and water combined is only a scottish thing, and WELL below everywhere else.

I am not talking about being the average family. I am talking about being a singleton FTB. If you want to add joint incomes into it then you are just making things more affordable. Cool so knock £100 a month off my £715 for any little things you can think off and then I will have £615 a month to live off. That is £500 on drugs and alcohol with £115 left over for aspirin!

Graham_Devon wrote: »

For a band A here you would be looking at £1500 at least for your water and council tax. Given we have double the water rates of pretty much anywhere else here, but that just gives an indication of how you, and others can differ so much

.
Is the average wage in your area not higher than £20K? I have stated that the average wage is very low here in comparison to the national average. Yet still all your figures point to me living like a King on your house prices.

Graham_Devon wrote: »

What you are saying is, you would expect to be given a loan, outside of any criteria, and not expect to do what the rest of us have to do in general, and save deposits etc?

Eh? My figures include a 10% deposit.

Sorry I am not sure I can keep up this "discussion" with you are you seem to be completely ignoring everything I am saying to keep to your agenda.

mbga9pgf

What it come down to is this: Have we had previous limits of 3X salary and higher required deposits in this country before?

Yes.

Did we have an almighty credit crunch when lending was tougher, together with a debt obsessed nation of homeowners who are actually renting from the bank for 25 years?

No.

Its happened before, it will happen again.

What we went through over the past 10 years was a credit blip. It was not the norm. That, my property owning friends is something you should have thought of when you agreed your mortgages. MY tax payers cash is now being used to bail out !!!!less losers that cant keep their promise to their bank.

Time homeowners started to fell a little PAIN

Borker, I live 50 minutes commute from work. Most of my colleagues have around a 20 minute commute to work. Of the 20 friends I went to Uni with, all drive to work. Face it, unless you live right next to work (unlikely seeing as most jobs are in inner city areas ill served by public transport links) or live in the smog, you need a car these days. Your comments about children, thats fine in your case, the majority of hardworking middle classes want to have kids at some stage. It would be nice to be able to own a nice home to bring them up in, instead of paying for your overpriced under-quality piece of sh*t blockwork. Its not my fault you bought at the top of the market. YOU ned to deal with the fact that you did.

moggylover

mbga9pgf wrote: »

No, 3X average salary for the average home.

3X ftb salary for FTB home, which needs to be factored for the fact the FTB wage index consists of approximately 20% of returning Sell-to-renters who national statistics class as First time buyers.

By this time next year, I will have a 40% deposit and will quite easily be able to afford that 4 bed home with 1/2 acre thanks love!

Even around here (and our house prices are pretty low) you wouldn't get a 4 bed with 1/2 and acre for £152K - take the garden off and you might stand a chance. (I'm going on the £36K average wage you find so unbelievable in your first post, thus 3 x £36K = £108K plus 40% deposit around £152K:D ). You might get a new build, timber frame with absolutely no garden (they are usually about 12' deep:rolleyes: ) for that though - they are taking quite a hit at the moment;) .

Not so likely somewhere where the average wage really is £36K though:D

piggeh

Average wage counts for nothing, it's a skewed figure. Most people earn under £20k.

b0rker - What would your financial outgoings be if the interest rate was 12% or higher? I think currently mortgages are on offer at 5%ish but they're some of the lowest rates in ages. I think the general consensus (from several posters asking where various elements of outgoings are) is that your expectations for outgoings during the month are pretty slim, do a spend diary for a month and see what your expenditure comes out to. I bet it's quite a bit higher than your budgeted figures.

mbga9pgf

moggylover wrote: »

Even around here (and our house prices are pretty low) you wouldn't get a 4 bed with 1/2 and acre for £152K - take the garden off and you might stand a chance. (I'm going on the £36K average wage you find so unbelievable in your first post, thus 3 x £36K = £108K plus 40% deposit around £152K:D ). You might get a new build, timber frame with absolutely no garden (they are usually about 12' deep:rolleyes: ) for that though - they are taking quite a hit at the moment;) .

Not so likely somewhere where the average wage really is £36K though:D

Its a good job im on nearly 50K and have 60K saved up, isnt it then? This time next year, 100K. I take it you know the difference between mean and median dont you? Just wait and see. Your des res 4 bed detatched with 1/2 an acre will be well in my 200-250K budget by christmas 2010.

For 250, I will be expecting more like 0.75 acres though


By the way, I hate cats. They stink and are completely unloyal. I know they love a good spraying with my hose though.

moggylover

mbga9pgf wrote: »

Its a good job im on nearly 50K and have 60K saved up, isnt it then? :rotfl: :rotfl: :rotfl: you wish!

This time next year, 100K. I take it you know the difference between mean and median dont you? Just wait and see. Your des res 4 bed detatched with 1/2 an acre will be well in my 200-250K budget by christmas 2010.

Ah, but you still refrain from saying which area;)

For 250, I will be expecting more like 0.75 acres though

Dream on;) - unless you are thinking about moving down here:eek: , because in a years time that MIGHT be possible around here - not many houses with that sort of ground though - either no garden or several acres is the norm:D

By the way, I hate cats. They stink and are completely unloyal. I know they love a good spraying with my hose though.

What happened to the Jeyes fluid you threatened em with the first time, eh? Realised that it might be going a bit far? :rotfl: :rotfl: :rotfl:

What a nice piece of work you are:rolleyes:


P.S. btw - the word is DISLOYAL;) not that they are:D

mbga9pgf

moggylover wrote: »

What happened to the Jeyes fluid you threatened em with the first time, eh? Realised that it might be going a bit far? :rotfl: :rotfl: :rotfl:

What a nice piece of work you are:rolleyes:


P.S. btw - the word is DISLOYAL;) not that they are:D

Dont worry, plenty of purple-rinsers on deaths door around here... just wait till the boomer generation expires and we will see what happens to house prices!

Area- south west.

On semi-cottage went down the road for just over 250 at auction with 0.5 acres, one on for sale in a local village with 0.75 acres (semi 4 bed again) for 250K.

And yes, those are real savings figures my old dear! Now get back to knitting jumpers made out of matted cat fur... I bet your carpets stink!

I just think cats are a pointless pet. Why not get a decent pet, like a dog?

Gorgeous_George

I welcome a 3x cap on borrowing. I think it will mean that 1st time buyer type properties will cost 3x salary.

A mansion may still cost a little more but you will need a larger deposit.

If only the Tories hadn't scrapped the credit controls. Maggie's legacy.

GG